News, analysis and lease transactions from the Hungarian office market
Ireland and Spain are close to record-breaking levels for commercial real estate (CRE) investment as buyers search for value in non-core markets. In Hungary office and industrial investment volumes are likely to increase most significantly, according to the latest research from global real estate advisor CBRE.
GAMMA Properties took over the asset management of IVG’s Hungarian portfolio from IVG Hungary on 1st October, 2014. IVG is confident that the high-level management of its portfolio is guaranteed by GAMMA Properties’ experience.
The neoclassical building on the prestigious ‘Champs-Élysées of Budapest’, at 100 Andrássy Avenue was originally built as a residence for the Prime Minister in 1890. It later served as a trade union headquarters and then as a school for confectionary students. The expansion of the building took place at the end of the 1990s.
Veeva Systems Inc., a leading provider of cloud-based software for the life sciences industry, signed a long-term lease for 1,300 square meters of space in the Alkotás Point office building. With this deal the building’s occupancy has increased to over 90 percent. CBRE represented the landlord during the negotiations, while Eston introduced the tenant into the building.
CBRE has been named the top global real estate advisory firm in the 2014 Euromoney real estate awards. CBRE is the only firm to achieve top honours in three consecutive years, and has now earned the highest award seven times in the ten years that Euromoney has been running its real estate awards program. The Hungarian office was awarded the Best Research recognition for the third year in a row.
Colliers International has been assigned to certify CA Immo’s office portfolio consisting 6 office buildings totalling 100,000 sq m according to the LEED rating system– informed the OGH News Agency Norbert Szircsák, Senior Associate of Green Advisory Services at Colliers International.
The Budapest Research Forum (BRF, which is comprised of: CBRE, Colliers International, Cushman & Wakefield, DTZ, Eston International, JLL and Robertson Hungary) hereby reports its Q3 2014 office market analysis.
Office Buildings’ Night - held last Thursday evening – was a huge success again. Architects, real estate professionals and design-crazy people came together. The mind setters and everyone who like fine things talked about this event. The event was originally planed for 150 people, however more than 300 registered, and it is not by chance: organizers like professionals from Europa Design and www.officerentinfo.hu planned a quite exciting program.
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